Retail Mgt Study Guide

Topics: Retailing, Sales, Shopping mall Pages: 9 (1855 words) Published: April 28, 2013
Marketing: Retail Strategy Exam Study Guide Spring 2013 Challenges facing retailers
Consumers are bored with shopping
oWe are not buying as much as we use to
oWe have too many stores
Price cutting wars & low profit margins
oCost containment
oGrocery stores make about 1 cent per dollar
High customer service expectations
What do retailers do?
Retailers satisfy consumer needs by offering the right product at the right price at the right place at the right time. Ways Retailers Add Value
Breaking bulk
oBreaking bulks into numbers customer wants
Holding inventory
oHolds the left over stock for next time
Providing Assortment
Offering Services
oBeing able to pay with debit or credit card
oWater fountains, etc.
Retail Strategy (skip strategy portion in chapter)
An overall plan for guiding a retail firm
Roadmap for what we’re going to do and how we’re going to do it.

Major Shifts in Retailing
Mergers, diversification, downsizing
Growth of Multi-channel Retailing or is it omni-channel? oCatalogues, film, mobile, internet, direct-selling.
Bifurcated Retailing
oLow class or upper class (no more middle class)
Blurring of formats/ channel blurring
o“we are playing in each other’s sandboxes” grocery stores have pharmacy, pharmacy’s have groceries. oMuch harder to determine who our competition is.
What will it take to succeed in 2013
Thriftiness is the new high
Customers are more prepared
Less is more in design and shopping
Generational divides within the labor force
Staffing cuts
Customers are coming in with blinders on
Stalking customers through big data
Products will find their way to customers in unconventional places •There’s just no time.
Evolution of Retail
Entry phase (Innovation retailer) (Dollar General, Aldi)
Low status, low price, minimal service, poor facilities, limited offerings Trading-up phase (Traditional retailer) (Target)
Elaborate facilities, extended product offerings, higher-rent locations Vulnerability Phase (Mature retailer)
Top heaviness, conservatism, declining ROI

Scrambled Merchandising – Shoe Store
You can lower profit margin by bringing in high end merchandise oSame vise verse
Is very contagious
oMcdonalds adding healthy foods, then wendy’s adds food

A retail format is “the overall appearance and feel that a retailer presents to customers, primarily its look and layout, the sort of range it stocks and the approach taken to market. Format is distinct from fascia which, strictly speaking, refers solely to external appearance. Fun with formats – happen to be the single biggest opportunity not only to improve the shopping experience, but also to establish a clear identity for retailers and brands alike. Michael Shinall also states that “one reason so many traditional supermarkets struggle is that they are losing entire categories of their enterprise to other stores” •What is the retail term for this

oScrambled merchandising
oChannel blurring
What can supermarkets, or other retail formats that are facing this problem do? oBring in high end merchandise and lower profit margin
Where is styleliner in product life cycle
Introduction (because it is a new format)
Tesco entered the u.s. in 2007, setting up stores in California, Arizona and Nevada, many near new housing developments. The stores featured: •10k square feet
British style ready meals
Non-store retail formats
Social Media – Smallest because we do not buy directly (but fantastic for redirecting people to websites) •Mobile
oWal-mart data fencing
Electronic – Number two in terms of channels (growing very fast) oWhen we look at websites they are categorized in for ways First type is catalogers (Those retailers who started in catalogues) Second is retail chains (those who started in brick & mortar. ...
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